Review of Companies Act

The Companies Law Committee was constituted (Annexure-I) in fulfillment of an assurance made by the Corporate Affairs Minister during discussion on Companies (Amendment) Bill, 2014 in the Rajya Sabha in response to the concerns raised by Members in Rajya Sabha as well as for addressing issues raised by various stakeholders regarding the Companies Act, 2013.

The CLC invited suggestions from all stakeholders through the Ministry’s website www.mca.gov.in and in response, approximately 2000 suggestions (including from Industry Chambers, Professional Institutes, individuals etc.) were received by the Committee. With a view to have broad-based deliberations on the suggestions received, six groups were formed having representation from industry and experts. The recommendations of CLC would be dealt with appropriately.

The process for constitution of National Company Law Tribunal (NCLT) has already been initiated with the selection process for (Judicial as well as Technical) members of NCLT and Technical Members of National Company Law Appellate Tribunal (NCLAT) having commenced. Steps have also been taken to make provision for infrastructure and other supportive requirements for the Tribunals.

This was stated by Shri Arun Jaitley, Minister of Corporate Affairs in written reply to a question in the Rajya Sabha.